With two awards, geographic expansion and a £420,000 loan completed in 17 hours, MTF’s fifth year has had its successes.
2013 saw MTF close £1.6 million in second charge loans and fund a £420,000 loan in 17 hours. The lender received B&C’s industry award of service excellence.. MT Finance was launched in June 2008, but a recent rebrand saw the name updated to MTF.
On speaking about working with MTF, Managing Director at Aztec Property Valuers, Gill Hall, said: “…I am sure that our relationship has worked well as our open and transparent service matches the approach taken by MTF.“
She added: “...the team have been very supportive and we always strive to ensure that we provide an excellent level of service to them and their customers. I am looking forward to continuing to work alongside MTF and am sure that their success and growth will continue into 2014….”
Chanice Henry spoke to Director of MTF, Joshua Elash, to find out more about their fifth year:
CH: On reaching this milestone, give us an idea of how MTF’s fifth year has been:
JE: 2013 has been enormously positive. We have been on the receiving end of several industry awards, have added two further members to our team, and have expanded our geographic scope of lending to cover all of England. We are presently looking to recruit further key members of the team as we move forward into 2014
On looking back over your five years in business, any highlights?
We have enjoyed considerable growth in the last five years which we put down to the way we approach bridging finance and the excellent relationship we have built up with brokers and introducers throughout the industry. As we look back over the last five years there are many highlights. Certainly being recognised in 2010 as the Best New Bridging Finance Company at the Bridging and Commercial Awards was great moment for MTF after two years of hard work establishing ourselves in the space. In the last five years we have had the opportunity to assist numerous business and individuals, which is what ultimately we feel bridging should be about and is what is best about being in this space.
How have you seen the bridging industry evolve?
The industry has changed, with household names leaving the market, and the emergence of a new group of lenders each offering their own advantages. The industry as a whole has become highly institutional. The cost of bridging finance has also dropped considerably as an increase in the amount of liquidity has created greater competition. This has been an enormously positive period for the industry and for borrowers alike. Never has bridging finance been so professional, or cost effective.
What was your motivation behind your recent choice to lend nationally?
We made the decision to expand geographically in 2013. Putting things into their context, when we launched MT Finance in 2008 and as we moved forward into 2009 the property market was highly volatile. With property values dropping and the High Street banks being bailed out there was considerable uncertainty in the market. We made the decision at that time to focus our lending activities to London and the immediate South East.
As we entered 2013 some four and half years later our assessment of the situation had shifted. If anything we now consider Central London to be in danger of a potential shift in values, where as the rest of the Country has gone through a greater level of price correction.
Any predictions for the industry over the next 12 months?
As we look forward into 2014 we feel that the changing regulatory landscape will continue to be a hot topic. The loss of the business purposes exemption for second charges over owner occupied property is going to pose a challenge to the already underfunded SME sector. At MTF we presently provide second charges which can be secured over owner occupied property where an exemption to the Consumer Credit Legislation applies. We will be considering carefully whether it is viable to continue that product line when the new legislation comes into effect.
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